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Post by andrewholgate on May 11, 2015 11:32:47 GMT
Sorry for disappearing for a while. I needed to concentrate on the business and also I had various conferences in the US in April.
We have been working to bring in new sales people into the team and they have been bedding in during Q1. The first 3 months have seen the team grow to over 40 people from 20 or so. This brings with it disruption which gave us a difficult start to the year, hence why I disappeared for most of March and April to concentrate on the business. Whilst slightly stagnant to start with, the loan flow is healthy and we drew down 2 loans last week, have 3 to draw this week. Two loans have gone to underwriters in May and filled, and I am planning on getting another 3 to them this week. There are 7 or so loans waiting to drawdown as well.
I'm not planning on making outrageous comments on what else I expect this month, as this just ends up a stick for you to beat me with. That said, I am confident of a more consistent flow of deals now. This is a wide mix of SME, real estate and renewables, so should keep everyone happy.
Nothing more to say, except thank you for the continued support.
A
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Post by captainconfident on May 11, 2015 13:52:34 GMT
Dear AH, In order that lenders can match pre-bids with funds in place, which three loans will or might draw down this week please? I promise not to use the answer as a stick.
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Post by Deleted on May 11, 2015 14:29:44 GMT
did I hear the distance answer of a Lancashire nursing home???
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on May 11, 2015 14:41:50 GMT
Dear AH, In order that lenders can match pre-bids with funds in place, which three loans will or might draw down this week please? I promise not to use the answer as a stick. I am a new AC user. Do you have to have funds deposited in your account before the loan is drawn down. I have a bid on a loan at bid stage but not enough funds in my account at present to cover the bid. Do AC give you warning before draw down to allow you to transfer funds? Hi James. The answer is NO. You have to keep an eye on the loan page and trust what it says. If you don't have enough in your account to fund your bid, providing that allocations aren't scaled down due to demand (don't think this has happened yet) then your allocation will match your funds.
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shimself
Member of DD Central
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Post by shimself on May 11, 2015 14:50:26 GMT
I am a new AC user. Do you have to have funds deposited in your account before the loan is drawn down. I have a bid on a loan at bid stage but not enough funds in my account at present to cover the bid. Do AC give you warning before draw down to allow you to transfer funds? Hi James. The answer is NO. You have to keep an eye on the loan page and trust what it says. If you don't have enough in your account to fund your bid, providing that allocations aren't scaled down due to demand (don't think this has happened yet) then your allocation will match your funds. To my mind that amounts to if you actually want to be sure of getting the desired amount of the loan the answer is YES
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sl75
Posts: 2,092
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Post by sl75 on May 11, 2015 14:53:37 GMT
I am a new AC user. Do you have to have funds deposited in your account before the loan is drawn down. I have a bid on a loan at bid stage but not enough funds in my account at present to cover the bid. Do AC give you warning before draw down to allow you to transfer funds? Assuming you are an ordinary user using the retail part of the site (as I and almost all other forum members are), no you do not need to have funds deposited in your account. You also don't have bids (except under special circumstances, such as when rolling the balance of one loan into a later one to the same borrower). You have an investment target, and the system will buy loan units up to that investment target as and when you have available funds and there are also available units for sale. For the vast majority of (small retail) users, targets will be easily fulfilled if you add funds AFTER the loan has drawn down - even if the loan units aren't IMMEDIATELY available for purchase, they typically become available quite frequently, as other users adjust targets downwards for a variety of reasons. It keeps the statement tidier if funds are added before drawdown (as you'll probably then have a single purchase equal to your entire holding, rather than picking up "shrapnel" in units around £1 at a time), but is in no way necessary unless you have an unusually high target (within an order of magnitude of £1000 or more per loan).
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 11, 2015 16:51:50 GMT
did I hear the distance answer of a Lancashire nursing home??? Slightly further south, West Mid CH supposedly drawing down today but looks like theyre going miss that ...
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tonyr
Member of DD Central
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Post by tonyr on May 11, 2015 19:56:31 GMT
did I hear the distance answer of a Lancashire nursing home??? Slightly further south, West Mid CH supposedly drawing down today but looks like theyre going miss that ... Yet again...
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
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Post by ilmoro on May 11, 2015 20:06:23 GMT
Slightly further south, West Mid CH supposedly drawing down today but looks like theyre going miss that ... Yet again... This despite everything apparently being good to go Friday! I detect a hint of left hand/ right hand here 
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Post by davidricketts1 on May 12, 2015 8:50:16 GMT
This despite everything apparently being good to go Friday! I detect a hint of left hand/ right hand here Borrowers' lawyers didn't think it was appropriate to tell us that they'd completed yesterday until this morning.....
I've asked IT to pay the auction out for me and backdate it to yesterday.
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Post by Deleted on May 12, 2015 9:16:55 GMT
Good, now what about the Lancashire care home refinancing??
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mikes1531
Member of DD Central
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Post by mikes1531 on May 12, 2015 18:07:36 GMT
Borrowers' lawyers didn't think it was appropriate to tell us that they'd completed yesterday until this morning..... : Am I allowed to ask what AC's lawyers were doing at the time of completion? Or do I not understand how the process works?
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Post by davidricketts1 on May 13, 2015 7:19:33 GMT
Borrowers' lawyers didn't think it was appropriate to tell us that they'd completed yesterday until this morning..... : Am I allowed to ask what AC's lawyers were doing at the time of completion? Or do I not understand how the process works? Of course you can mikes1531.
They were chasing the borrowers' lawyers to let them know what was happening....
In all seriousness, funds are sent from our end and the borrowers' lawyers are required to tell us that we have good title to the property being charged. This is an important stage as it depends when the loan and security documents are dated. This in turn allows the auction to be paid out and interest to start accruing to you guys.
Ideal for us is we get everything ready to go in an afternoon then transfer the funds the following morning. This gives the borrowers lawyers time to receive and either send on to a vendor or the borrower (depending on the nature of the transaction).
Does that make sense?
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mikes1531
Member of DD Central
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Post by mikes1531 on May 14, 2015 2:09:40 GMT
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Post by marek63 on May 21, 2015 10:58:09 GMT
Is it possible to ask for some update on the now 8 outstanding questions on K** Br*** L*** please. If AC strategy is to wait for full PP (could be a year or more) that is surely a point for a vote not just something to slide comfortably into.
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